The Chancellor Rishi Sunak delivered his Spring Statement on Wednesday 23rd March 2022. He set out the Government’s tax plan to support the UK economy, businesses and families in both the short and the medium term.
The main points covered in the speech were:
- National Insurance Contributions (NICs)
- Income Tax
- Business Tax Relief for Capital Investment
- Fuel Duty
- Household Support Fund
- Green Technology
- VAT rates in the Leisure and Hospitality Sector
- Research and Development (R&D)
To summarise, The Chancellor announced a cut in fuel duty for petrol and diesel as he sought to ease the impact of rising prices for businesses and households.
He will lift the starting thresholds for National Insurance contributions (NICs) and he also pledged a cut to income tax in 2024. The Health and Social Care Levy, however, will still be implemented in April 2022.
For businesses, there is an increase to the Employment Allowance, as well as relief from business rates on a range of green technologies and help with training and the adoption of digital technology.
Please use the following link which will take you to the full version of the Spring Statement 2022: